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New Construction Loans in Grand Forks, North Dakota
There are 14 records for construction private money lenders operating in Grand Forks, ND. Note amounts average around $460,417. The mean interest rate for private loans in Grand Forks is 10.1%. The average length for loans is 26 months. The average loan includes a 3.0 percent origination charge. Lenders offer on average a 77% loan-to-value on deals in Grand Forks.
Loan Example 1
Rhoda decides to purchase a home lot in Grand Forks, ND to construct a duplex in order to resell it. The construction costs will be around $350,000 and the land costs $280,000. Fair View Finance Corporation issues a 70% loan-to-value (LTV) construction loan to Rhoda in order to complete the deal. They also agree to a 8% rate of interest for 12 months plus a five point origination fee. There will be no pre-payment penalties for the note and construction expenses will be paid out in multiple draws. Given this loan scenario, the lender will contribute $441,000 of the plot and construction expenses. The borrower will be required to pay $189,000 down, a $22,050 origination fee, and $2,940 per month in loan payments. At the end of the loan, Rhoda re-sells the house for $940,000. This will earn Rhoda a $252,670 net profit after paying back all expenses of the loan ($441,000 principle, $189,000 cash down, $22,050 origination fee, and $35,280 for 12 months of payment).
Loan Example 2
Barbra is a home builder and wants to purchase a land lot in Grand Forks, ND in order to construct a new home. She obtains a new construction loan from Green Square Finance Corporation with the following terms:
a) A $150,000 purchase price for the vacant plot, b) $200,000 in construction expenses, c) an 60% loan-to-value (LTV), d) a 6 month length, e) a 11% interest rate, and f) a 4% origination fee.
Based on a projected $430,000 re-sell after the 6 months, the numbers for this project will be the following:
$430,000 sales price
- $210,000 note principle (60% LTV)
- $140,000 cash paid at closing (40% on 60% LTV)
- $8,400 origination points (4% of the $210,000 principle amount)
- $11,550 total interest paid (6 months x 11% interest)
-----------------------
= $60,050 total profit
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Anchor Loans
5230 Las Virgenes Rd, Suite 105
Calabasas, CA 91302
Anchor Loans is a California based Hard Money Lender. They provide loans in 46 states throughout the US. They are the largest Fix-and-Flip lender in the U.S. lending over $7.1 Billion life-to-date in total loan volume to real estate investors. ...
Harbor Private Equity
1075 Peachtree Street NE, Suite 3650
Atlanta, GA 30309
We want to see any commercial transaction that makes sense. The principals at Harbor Private Equity have over 75 years experience in the hard money, bridge loan marketplace. We specialize in raw land, development, construction and bridge loans for non-owner ...
American Land and Capital
16233 Kenyon Avenue, Suite 120
Lakeville, MN 55044
American Land and Capital is a Lakeville, MN based hard money lender. They offer loans in Minnesota, Wisconsin, North Dakota, South Dakota, Iowa, and Nebraska. They offer builder loans and fix and flip loans. ...
Flip N Fast Loans
4445 Corporation Ln Suite 264
Virginia Beach, VA 23462
We lend to all different kinds of real estate investors, whether you are an expert or a novice. We provide funding for building from the ground up, fix-and-flip projects, and a range of single- and multi-family rental loans. Start your ...
New Silver
2475 Albany Ave #203B
West Hartford, CT 06117
New Silver is a fintech that provides fast financing to real estate investors who focus on fix and flip residential projects. New Silver’s software accelerates, automates and streamlines loan originations, while using data to reduce default risk. You can get ...
REI Capital
5660 Strand Court
Naples, FL 34110
Direct Lender Programs - Purchase, Refi, Cash Out, Rehab, Construction, Property Types SFR, 2-4's, Residential Portfolios, Loan Amounts from 250k to 3.5m, Nationwide excluding MN, ND, OR, SD, VT, NV, AZ & UT. -------- All Inclusive Lending Additional Programs ...
Kings of Capital
550 Pinetown Rd
Fort Washington, PA 12034
Kings of Capital is the leading Nationwide Hard Money Lender that specializes in fast and flexible lending processes across the country. Our company is led by experienced Real Estate lenders providing a professional, knowledgeable, and hard-working team to help all ...
Lend Some Money
42 Thompson Street, Suite 1A
East Haven, CT 06513
Lend Some Money is a national private lender that makes hard money commercial loans for the refinance or purchase of non-owner-occupied residential and mixed-use commercial properties. Its industry-leading technology platform allows it to provide real estate investors and brokers ...
Primeau Funding
10575 N. 114th St. Suite 103
Scottsale, AZ 85259
Primeau Funding is hard money lender based in Scottsale, AZ. They provide loans across the United States. They provide short term bridge loans, ground up construction loans, commercial loans, and fix-and-flip hard money loans. They ...
Edward Voccola & Co
75 Arlington Street, Suite 500
Boston, MA 02116
Edward Voccola & Co is hard money lender based in Boston, MA. They provide funding all throughout the US. They provide lending solutions for a variety of scenarios, including builder loans, hard money bridge loans, and ...
Creative Hard Money LLC
508 Whitehorse Mercerville Rd
Hamilton, NJ 08610
Based in Hamilton, NJ, Creative Hard Money LLC is a private lender offering loans throughout the United States. They provide loans for many different scenarios, including fix and flip loans, cash out hard money loans, rental property loans, ground-up ...
11 Capital Finance
20 West Vine Street #575
Lansdale, PA 19446
Based in Lansdale, PA, 11 Capital Finance is a hard money lender offering funding throughout the United States. They provide hard money construction loans, cash out hard money loans, commercial hard money loans, and bridge loans. ...
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